One thing that hasn't been included above is the R&D rebate. I...

One thing that hasn't been included above is the R&D rebate. I emailed Philip and received a reply back on this issue (I also asked about company policy on announcing contracts and revenues versus announcing through the usual 4C). The basis of my query was why R&D rebates seemed low compared to R&D spending and he said it was a timing issue that will become clearer in the full year accounts.

I read this to mean that there should be a healthy R&D rebate on the way. In my email I cited an example of a company that received approximately half their spend on R&D back as a rebate. Given year to March there was over $1m spent the full year rebate might be significant.